Question

College students are accumulating increasing amounts of debt while they pursue their degrees. This debt has a significant economic affect as the new graduates strive to begin their life after graduation. Nationally, the mean debt of recent graduates from all public 4-year institutions was $28240.

How does the loan debt of recent graduates of North Carolina's public colleges and universities compare to student loan debt nationally? To answer this question, use the data in this Excel file Student Debt Recent UNC System Grads that shows the student debt of recent graduates from 12 UNC System schools to perform the hypothesis test:
Student Debt Recent UNC System Grads-

Student Debt, Recent Graduates UNC System Schools
Name	Institution Sector	Average debt of graduates
Appalachian State University	Public, 4-year or above	$22,855
East Carolina University	Public, 4-year or above	$28,918
North Carolina A & T State University	Public, 4-year or above	$34,379
North Carolina State University	Public, 4-year or above	$24,053
University of North Carolina School of the Arts	Public, 4-year or above	$28,551
University of North Carolina Wilmington	Public, 4-year or above	$24,605
University of North Carolina at Asheville	Public, 4-year or above	$23,824
University of North Carolina at Chapel Hill	Public, 4-year or above	$22,214
University of North Carolina at Charlotte	Public, 4-year or above	$27,453
University of North Carolina at Greensboro	Public, 4-year or above	$26,841
University of North Carolina at Pembroke	Public, 4-year or above	$25,831
Western Carolina University	Public, 4-year or above	$15,669
Citation: The Institute for College Access & Success, College InSight, http://www.college-insight.org.

H₀: μ = 28240,  H_a: μ < 28240

where μ is the mean student loan debt of all recent graduates from UNC System schools.

Question 1: What is the value of the test statistic t for this hypothesis test? (round x and s to the nearest whole number).

Question 2: What is the P-value for this hypothesis test? (use 4 decimal places in your answer)

Answer 1